BSE Launches IPO Index

August 25th, 2009 Comments Off on BSE Launches IPO Index

The BSE has launched an IPO index which will track the values of companies for two years after listing. The threshold level for entry into this index is Rs 100 crs market cap. As of date the index has been constituted with 48 stocks and the highest weightage is to the power sector which has four heavy weights included in the index and has almost a 45% weight in the total index. They are Rpower, Powergrid, REC Ltd and Adani Power. The other sectors which have higher weightage include Finance, Transport services and housing related. 

The market cap of the index on a free float adjusted basis is Rs 41,721.59 crs. The value of the index as of yesterday 24th August 2009 is 1947.54. The base value of the index is 1000 and the base date is 3rd May 2004.

BSE has listed out the guidelines for the index which are listed below. 

  1. A company seeking listing on the Exchange after completion of IPO shall be considered eligible for inclusion in the index. Follow-on public issues shall not be considered for inclusion in the index.
  2. A scrip must have the minimum free-float market capitalisation of Rs. 100 crores on its first day of listing
  3. A scrip will be included in the index on the third day of its listing (T+2) subject to fulfillment of the minimum free-float market capitalisation criteria stated above.
  4. A scrip will be excluded from the index on the second Monday of the month after completion of two years of listing.
  5. At all time a minimum of 10 scrips shall be maintained in the index. In case, there are less than 10 companies on account of possible exclusion after two years, the exclusion of such company shall be delayed till such time new inclusion is made in the index.
  6. The maximum weight of any scrip shall be capped at 20%. The constituent weightage shall be reviewed at the time of inclusion/ exclusion of a scrip and on monthly rebalancing. However, between any rebalancing, weightage of any index constituent can exceed 20%

The list of stocks which number 48 as of date are appended below along with relevant data.

BSE IPO Index Constituents:
Sr. No. Code Name Mkt. Cap. (Rs. Cr.) on 21/08/2009 Free-Float Adj. Factor Capping Factor Cap. Adjusted FF Mkt. Cap. (Rs. Cr.) Weight in Index (%)
1 533096 Adani Power Ltd. 22497.96 0.15 1.00 3374.69 8.28
2 532981 Anu’s Laboratories Ltd. 280.40 0.50 1.00 140.20 0.34
3 532935 Aries Agro Ltd. 67.95 0.50 1.00 33.97 0.08
4 533016 Austral Coke & Projects Ltd. 1489.22 0.30 1.00 446.77 1.10
5 532930 BGR Energy Systems Ltd. 2889.36 0.20 1.00 577.87 1.42
6 533006 Birla Cotsyn (India) Ltd. 78.01 0.70 1.00 54.60 0.13
7 532929 Brigade Enterprises Ltd. 1199.41 0.45 1.00 539.74 1.32
8 532931 Burnpur Cement Ltd. 55.17 0.55 1.00 30.35 0.07
9 532885 Central Bank of India 3942.40 0.20 1.00 788.48 1.94
10 532902 Consolidated Construction Cons. Ltd. 991.15 0.50 1.00 495.57 1.22
11 532903 Dhanus Technologies Ltd. 72.22 0.65 1.00 46.94 0.12
12 532927 Eclerx Services Ltd. 597.64 0.40 1.00 239.05 0.59
13 532922 Edelweiss Capital Ltd. 3215.38 0.65 1.00 2090.00 5.13
14 532920 Empee Distelleries Ltd. 256.81 0.30 1.00 77.04 0.19
15 532876 Everonn Systems Ltd. 527.70 0.60 1.00 316.62 0.78
16 532938 Future Capital Holding Ltd. 1653.00 0.20 1.00 330.60 0.81
17 532959 Gammon Infrastructure Projects Ltd. 1448.00 0.15 1.00 217.20 0.53
18 532980 Gokul Refoils & Solvent Ltd. 617.14 0.35 1.00 216.00 0.53
19 532951 GSS America Infotech Ltd. 229.84 0.45 1.00 103.43 0.25
20 532894 Indowind Energy Ltd. 212.69 0.35 1.00 74.44 0.18
21 532947 IRB Infrastructure Developers Ltd. 6235.15 0.30 1.00 1870.55 4.59
22 532881 IVR Prime Urban Developers Ltd. 469.90 0.25 1.00 117.47 0.29
23 532926 Jyothy Laboratories Ltd. 896.22 0.35 1.00 313.68 0.77
24 532889 K.P.R. Mill Ltd. 211.02 0.30 1.00 63.31 0.16
25 532942 KNR Constructions Ltd. 272.09 0.25 1.00 68.02 0.17
26 532924 Kolte-Patil Developers Ltd. 335.78 0.30 1.00 100.73 0.25
27 532901 Koutons Retail India Ltd. 1180.81 0.35 1.00 413.28 1.01
28 532997 KSK Energy Ventures Ltd. 6994.78 0.10 1.00 699.48 1.72
29 533088 Mahindra Holiday Resorts Ltd. 2719.78 0.15 1.00 407.97 1.00
30 532907 Maytas Infra Ltd. 499.35 0.60 1.00 299.61 0.74
31 532892 Motilal Oswal Financial Services Ltd. 2061.42 0.25 1.00 515.36 1.27
32 532921 Mundra Port and Special Economic Zone Ltd. 21163.86 0.20 1.00 4232.77 10.39
33 533015 Nu Tek India Ltd. 95.70 0.25 1.00 23.93 0.06
34 532880 Omaxe Ltd. 1831.13 0.15 1.00 274.67 0.67
35 532944 Onmobile Global Ltd. 3012.72 0.45 1.00 1355.72 3.33
36 532898 Power Grid Corporation of India Ltd.  45308.18 0.15 1.00 6796.23 16.68
37 532891 Puravankara Projects Ltd. 2592.04 0.15 1.00 388.81 0.95
38 533093 Raj Oil Mills Ltd. 323.37 0.30 1.00 97.01 0.24
39 532939 Reliance Power Ltd. 37485.95 0.20 1.00 7497.19 18.40
40 532915 Religare Enterprises Ltd. 2926.87 0.20 1.00 585.37 1.44
41 533017 Resurgere Mines & Minerals India Ltd. 246.31 0.20 1.00 49.26 0.12
42 532955 Rural Electrification Corporation Ltd. 16769.63 0.20 1.00 3353.93 8.23
43 532993 Sejal Architectural Glass Ltd. 110.74 0.50 1.00 55.37 0.14
44 532945 Shriram EPC Ltd. 770.48 0.20 1.00 154.10 0.38
45 532890 Take Solutions Ltd. 481.20 0.40 1.00 192.48 0.47
46 532966 Titagarh Wagons Ltd. 517.67 0.40 1.00 207.07 0.51
47 532928 Transformers & Rectifiers Ltd. 390.16 0.25 1.00 97.54 0.24
48 532883 Zylog Systems Ltd. 483.52 0.65 1.00 314.29 0.77
Total Market Capitalisation 40738.76  
Index Value on 21/08/2009 1901.67  
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OIL India announces price band for IPO

August 25th, 2009 Comments Off on OIL India announces price band for IPO

Oil India has announced a price band of Rs 950 – 1050 for its forthcoming IPO. The issue opens on Monday the 7th of September and closes on Thursday 10th Sept. The issue would raise between Rs 2513 crs at the lower price band to Rs 2777 crs at the upper price band. There was a lot of speculation about the price and that the government looking at the success of NHPC expected a good sale price. One newspaper had only last week reported an expected price band of between Rs 1200 and Rs 1450.

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Adani Power – post listing day 2

August 22nd, 2009 Comments Off on Adani Power – post listing day 2

The stock was under pressure at open, but the same seemed to subside as the day wore on. The broad market being positive certainly helped matters and this seemed to carry the day for Adani Power Ltd. The stock gained about 3% on both the exchanges and closed at Rs 103.20 on the BSE and Rs 103.15 on the NSE. Traded volumes were significantly lower than the opening day as expected and were 3.37 cr shares on the NSE and 1.95 cr shares on the BSE respectively. Delivery % increased on the NSE with 1.32 cr shares or 39.27% of traded volume being marked for delivery. On the BSE delivery % fell to 57.59 lac shares or 29.57%. 

Total traded volume on day 2 was 5.32 cr shares and net delivery was 1.90 cr shares or 35.5% of traded volume. The broad markets saw the BSESENSEX gaining 431 points or 2.91 % and the NSENIFTY gaining 3.06% or 134.70 points respectively. With two days of trading as much as 10.53 cr shares or 42.3% of the shares offered to the public of the 24.885 cr shares have changed hands. I believe next week will decide the fate of this issue in the short term. If smart investors are accumulating the share, then once all the quick money makers leave the counter, it will be easy to take the counter up. If however the selling pressure is being thwarted by support from friendly quarters, there could be panic on a day when our broad markets panic. Interesting times are ahead next week for this stock. One must also remember that there is a very healthy and strong pipeline of over 130 IPO’s scheduled. A poor listing for NHPC could bring about a change in fortune for these in queue companies.

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